Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign The domestic and international components of income (loss) before income taxes are presented as follows:
Years Ended December 31,
2021 2020 2019
(in thousands)
Domestic $ (31,975) $ (112,778) $ (61,893)
Foreign 79,845  (2,074) 29,409 
Income (loss) before income taxes $ 47,870  $ (114,852) $ (32,484)
Income Taxes Components of Income Tax Provision (Benefit) The income tax provision (benefit) consists of the following:
Years Ended December 31,
2021 2020 2019
(in thousands)
Current:
Federal $ 498  $ (176) $ 1,604 
State 84  12  16 
Foreign 7,630  2,687  1,560 
Total current 8,212  2,523  3,180 
Deferred:
Federal 5,108  (18,595) (13,793)
State (4,506) (705) (1,829)
Foreign 484  8,025  1,095 
Change in valuation allowance (3,397) (7,507) (1,239)
Total deferred (2,311) (18,782) (15,766)
Total income tax provision (benefit) $ 5,901  $ (16,259) $ (12,586)
Schedule of Effective Income Tax Rate Reconciliation The actual income tax provision (benefit) differs from the amount computed using the federal statutory rate as follows:
Years Ended December 31,
2021 2020 2019
(in thousands)
Provision (benefit) at statutory rate $ 10,071  $ (24,119) $ (6,821)
State income taxes (net of federal benefit) 62  9  11 
Research and development credits (10,441) (6,521) (7,815)
Foreign rate differential (10,063) 2,354  (4,489)
Stock compensation 4,029  5,425  (2,750)
Foreign income inclusion 14,119  1,446  3,936 
Provision to return (263) (286) 1,887 
Uncertain tax positions 1,072  222  1,244 
Permanent and other 726  131  716 
Foreign unremitted earnings (59) (233) (103)
Transaction costs 45  883  — 
Attribute expirations —  11,937  2,837 
Valuation allowance (3,397) (7,507) (1,239)
Total income tax provision (benefit) $ 5,901  $ (16,259) $ (12,586)
Components of Deferred Income Tax Asset The components of the deferred income tax assets are as follows:
December 31,
2021 2020
(in thousands)
Deferred tax assets:
Net operating loss carryforwards $ 46,062  $ 65,790 
Research and development credits 88,778  79,019 
Foreign tax credits 7,695  5,728 
Accrued expenses and other 2,748  5,941 
Lease obligation 1,041  1,731 
Accrued compensation 5,057  4,442 
Stock-based compensation 8,014  5,415 
159,395  168,066 
Less valuation allowance (68,151) (71,811)
91,244  96,255 
Deferred tax liabilities:
Fixed assets (701) (42)
Leased right-of-use assets (735) (1,099)
Intangible assets (640) (9,049)
Pension liability (792) — 
Net deferred tax assets $ 88,376  $ 86,065 
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes the changes to the unrecognized tax benefits during 2021, 2020, and 2019:
(in thousands)
Balance as of December 31, 2018 $ 61,470 
Additions based on tax positions related to the current year 1,678 
Decreases based on tax positions of prior year (1,121)
Balance as of December 31, 2019 62,027 
Additions based on tax positions related to the current year 1,506 
Additions related to acquisitions 1,154 
Decreases based on tax positions of prior year (922)
Balance as of December 31, 2020 63,765 
Additions based on tax positions related to the current year 3,366 
Additions related to acquisitions 241 
Decreases based on tax positions of prior year (1,688)
Balance as of December 31, 2021 $ 65,684